Feroza/Ferozi is the farsi/urdu word for the colour and stone turquoise. the word has Parsi/Zoroastrian origins, and is a very common name (after the stone) to this day in iran and the subcontinent esp. with parsies. Its likely Abu Lulu Feroz was named after the stone, very unlikely that it was the other way round. The stone itself has been regarded historically to represent/bring success, probably because it might have been expensive in the old days, which is why the farsi word means successful if I am not mistaken.
The bangles are supposed to represent prison restraints, handcuffs etc that were used on the remnants of Imam Hussain's convoy.
This seems to be more reliable explanation.
Allah knows the best.